Vaultree, an Ireland-based cybersecurity startup, has secured $3.3 million in seed funding to usher in a new era of data protection via its next-generation encryption.
The funding round was led by Ten Eleven Ventures with participation from Enterprise Ireland, Unpopular Ventures, HBAN, and John N. Stewart. With this capital, Vaultree will invest heavily in developing its market-ready platform, as well as expand its team to better address the increasing demand for its solution. Timothy Newberry, EIR at Ten Eleven Ventures, referred to the firm’s participation in the round by stating:
“As experts in innovative cybersecurity technologies, the team at Ten Eleven immediately realized the massive impact Vaultree’s platform would have on the vast number of enterprises worldwide that desperately need a fast, scalable, and easy-to-integrate encryption solution as part of their data security strategy. This game-changing technology will help companies protect their customers and data at a whole new level. We are thrilled to work alongside the Vaultree founders on this journey, focusing on the data security and storage space at the right time, with the right team, and the right technology.”
Founded in 2020, Vaultree is harvesting Enhanced Searchable Symmetric Encryption (ESSE) and Fully Homomorphic Encryption (FHE) technologies to allow organizations to strike a balance between high-grade encryption and regulatory compliance. The result is a platform that is searchable, scalably, and privacy-enhancing, all without affecting the datasets’ performance. Ryan Lasmaili, Vaultree’s co-founder, said in this regard:
“We have achieved a major patent-pending technological breakthrough, which enables us to differentiate our solution in the competitive space with a solution approach that finally frees companies from making trade-offs between security and performance. This is rare to find in the complex cybersecurity solution field, which makes Vaultree interesting to investors and customers. It’s clear that we’ve created an easy-to-use, scalable solution for an ever-growing issue.”
While data breaches are becoming increasingly common among major organizations, encryption continues to be one of the most effective cybersecurity measures to prevent them. However, traditional encryption solutions result in a reduction in the performance and scalability of internal systems. Vaultree believes its technology can help create an encrypted future by removing the barriers that have prevented organizations from integrating encryption on their system infrastructure.